RATE Group | Bitcoin Price Weekly Analysis: BTC/USD Rebound Faces Significant Hurdle
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Bitcoin Price Weekly Analysis: BTC/USD Rebound Faces Significant Hurdle

04 Nov Bitcoin Price Weekly Analysis: BTC/USD Rebound Faces Significant Hurdle

Posted at 09:09h in Bitcoin News by

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Key Points

  • Bitcoin price recovered recently and tested the $6,375 resistance area against the US Dollar.
  • There is a significant bearish trend line in place with resistance at $6,400 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair must break the $6,365, $6,375 and $6,400 resistance levels to trade higher in the near term.

Bitcoin price is still above the $6,250 support against the US Dollar. However, BTC/USD is facing a crucial resistance near the $6,375-6,400 area.

Bitcoin Price Analysis

This past week, there was a downside extension below the $6,300 support in bitcoin price against the US Dollar. The BTC/USD pair traded close the $6,200 support where buyers emerged. As a result, the price started a decent recovery and moved above the $6,250 and $6,300 resistance levels. The upside move was positive as there was a break above the $6,340 level as well. Besides, the price surpassed the 61.8% Fib retracement level of the recent decline from the $6,429 high to…

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